The Nigerian naira has depreciated to N1,595 per US dollar in the parallel market, down from N1,585 per dollar on Tuesday. Similarly, the naira depreciated to N1,596.52 per dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM), indicating a N5.48 depreciation.
Despite the depreciation, Vice President Shettima has expressed confidence in the naira’s ability to strengthen further. The volume of dollars traded in the market increased by 51.7% to $93.92 million, up from $61.9 million on Tuesday.
The margin between the parallel market and NAFEM rate narrowed to N1.52 per dollar, down from N16 per dollar on Tuesday. The Central Bank of Nigeria (CBN) has sold $876.26 million to end-users at N1,495 per dollar, easing FX pressure.
The depreciation of the naira has raised concerns about the country’s economic stability, but the government has assured citizens that measures are being taken to address the issue.
